USD/CAD

Market Opportunities - 16/09/2021

16 September, 2021 Research Department

The example below uses Contracts For Difference (CFDs). Calculations are only on the price of the specific instrument on the date below and calculations indicate a possible opportunity for profit or loss. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk.

USD/CAD Weekly downtrend opportunity based on 1.00 Lot Calculation:

EVENT: Monday, September 20 - Canada elections will be held on 20 September. Justin Trudeau's Liberal Party and Erin O'Toole's Conservative Party are in a tight race for first place. The Canadian dollar may take advantage of it as these two are mainstream political parties.
Wednesday, September 22, 07:30 PM GMT+1 – The US Federal Reserve’s interest rate decision with an accompanying media conference of the Fed Chair Jerome Powell. After lower US CPI figures for August, released on Tuesday, September 14, investors expect that the Fed will not be in a hurry to reduce its massive bond-buying program.
The country has some of the world's highest vaccination rates of over 80%.

USD/CAD, September 16, 2021
Current Price: 1.2646

USD/CAD	Weekly
Trend Direction	DOWN
Resistance 3	1.2796
Resistance 2	1.2776
Resistance 1	1.2756
Support 1	1.2536
Support 2	1.2516
Support 3	1.2496

Example of calculation based on weekly trend direction for 1.00 Lot*

Pivot Points	Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
Profit or loss Short in $	-1,187	-1,029	-871	871	1,029	1,187
Profit or loss Short in €**	-1,008	-874	-739	739	874	1,008
Profit or loss Short in £**	-860	-745	-630	630	745	860
Profit or loss Short in C$**	-1,500	-1,300	-1,100	1,100	1,300	1,500

* 1.00 lot is equivalent of 100,000 units
** Calculations for exchange rate used as of 09:30 am (GMT+1) 16/9/2021
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Client Manager regarding their use.
*** You may wish to consider closing your position in profit, even if it is lower than suggested one
**** Trailing stop technique can protect the profit – Ask your Client Manager for more details

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